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Turnover=Sales/AR
Times
Int.
Earned=EBIT/interest
Accounting
veil:
not
affect
stock
prices
Break
Even:
Accounting:
Q=
(FC+D)/P-V
Total
OCF=
OCF
addition
to
NWC-capital
spending
Cash
Q=
(FC)/P-V
Can
only
service
op.
costs
not
investment
NI=0
Payback=N
NPV<0
IRR=0
OCF=0
Payback=infinity
NPV=Co<0
IRR=-100%
Financial:
Payback=N
Q=
(FC+OCF*)/P-V
NPV=0
OCF*=Co/PVAF
IRR=r
DOL=
1+
(FC/OCF)
DOL=
degree
to
which
Change
project
relies
on
fixed
OCF=DOL*%change
in
Q
costs
Bond
Value=
PV(Coupons)
+
PV(FV)
HPR=(P1-P0)/P0
SML! = ! + ! ! !
Does
not
require
companies
to
apy
dividends
&
have
steady
growth,
base
calculations
on
2
estimates,
explicitly
considers
risk.
Fixed
Asset
Turnover=
sales/net
fixed
assets
Total;
Debt
Ratio=
(Assets-Equity)/Assets
! = !
= !
! ( )
= +
Arbitrage
Opp
when
Vl<Vu
Capital
Structure
Irrelevant
WACC
same
no
matterD/E
M&M
Proposition
2:
!
! = ! + (! ! )
Ra
=WACC
!
! = ! + (! ! )(1 )
= ( ! )(1 )/!
CAPM:
! = ! + ! ! !
! = ! (1 + )
DuPoint
ROE
=
NI/Total
Equity
=(NI/Assets)
X
(Total
Assets/Total
Equity)
=(NI/S)
X
(S/A)
X
(A/E)
=(NI/S)
X
(S/A)
X
(1+
D/E)
=Profit
Margin
x
total
asset
turnover
x
equity
multiplier
Dividends:
Share
price
cum
div
=
equity/#of
sharesw
Share
price
ex
div
=
share
price
div
Share
price
=PV(all
future
divs)
Dividend
Payout
Ratio
=
Dividends/NI
Return
on
Portfolio:
! = ! ! + (! ! )
EFN
=
-
pSR
+
g(A-pSR)
=A(g)-pSR(1+g)-CL(g)
Exact
Fisher
Effect:
(1+Rnom)=(1+Rreal)
x
(1+infl)
! = ! ! + (! ! (= 0))
Internal
Growth:
=pSR/(A-pSR)
ROA
X
R)/(1-(ROA
X
R))
= (! ! ) + (! ! )
Total
Amnt
raised
=Project
Cost/1-WAFC
Capital
Structure
Weights=
MV(Debt)=BondPrice*#bonds/Assets
MV(Equity)=
Price*#shares/assets
MV(PS)=PS
Price*#of
PS/Assets
Unlevered/Levered
Borrowing:
D/E=0.5,
EPS=2.5,
i=10%
D=0.5E,
@
E=2000,
D=1000.
Total=3000,
#shares=3000/20=150,
Expected
Payoff=EPS(Shares)-
(1000*0.1)=375-100=275,
Expected
Payoff=375+100=475
(lender)
! !!
Stock
Valuation=
! = ! !
Constant
Growth:
! =
!!!
!!
!!!
Supernormal Growth = ! =
!!
(!!!)!
/ 1 +
Funds
to
be
Raised
=
Net
Proceeds/1-flotation
spread
MV(Before)=#of
old
shares
*
Rights
on
share
price
MV(after)=(Total
*Me)-(#of
new
shares*S)
0.010551
Approximate:
Rnom=Rreal+infl.